One of the relevant problems in today's agriculture is related to phytopathogenic microorganisms that cause between 30–40% of crop losses. Synthetic chemical pesticides and antibiotics have brought human and environmental health problems and microbial resistance to these treatments. So, the search for natural alternatives is necessary. The genus Streptomyces have broad biotechnological potential, being a promising candidate for the biocontrol of phytopathogenic microorganisms. The efficacy of some species of this genus in plant protection and their continued presence in the intensely competitive rhizosphere is due to its great potential to produce a wide variety of soluble bioactive secondary metabolites and volatile organic compounds. However, more attention is still needed to develop novel formulations that could increase the shelf life of streptomycetes, ensuring their efficacy as a microbial pesticide. In this sense, encapsulation offers an advantageous and environmentally friendly option. The present review aims to describe some phytopathogenic microorganisms with economic importance that require biological control. In addition, it focuses mainly on the Streptomyces genus as a great producer of secondary metabolites that act on other microorganisms and plants, exercising its role as biological control. The review also covers some strategies and products based on Streptomyces and the problems of its application in the field.

PurposeThis paper aims to carry out a comprehensive analysis of the influence of interest rate risk on Spanish firms at the industry level.Design/methodology/approachThe methodology employed has its origin in the two‐index linear regression model proposed by Stone. This traditional interest rate exposure model has been extended in this paper to allow for a nonlinear exposure component as well as the presence of asymmetric behaviour in the exposure pattern.FindingsInterest rate exposure is not homogeneous for all the Spanish industries. In line with other markets, highly leveraged industries (construction and real estate), regulated industries (electrical and utilities), and banking industry are the most interest rate sensitive. Nevertheless, the interest rate exposure of Spanish firms also shows some distinctive features due to the peculiar structure of the Spanish market. It is also documented that the classical linear exposure profile prevails over the nonlinear and asymmetric exposure patterns, and that the introduction of the euro seems to have weakened the degree of interest rate risk.Practical implicationsThe evidence presented in this paper can be used as input in decision making by corporate managers, investors, and regulators interested in assessing the impact of interest rate risk at the sector level for hedging, portfolio management, or risk assessment purposes.Originality/valueThis is the first paper which tackles the analysis of the impact of interest rate risk on Spanish firms, taking into account not only the standard linear interest rate exposure profile but also the nonlinear one. The results found in the Spanish case reveal the existence of particularities which might also be present in countries immersed in a process of dramatic economic transformations similar to that experienced by Spain over the past two decades. This is the case of the Central and Eastern European countries which recently joined the European Union.

Interest rate risk is one of the major financial risks faced by banks due to the very nature of the banking business. The most common approach in the literature has been to estimate the impact of interest rate risk on banks using a simple linear regression model. However, the relationship between interest rate changes and bank stock returns does not need to be exclusively linear. This article provides a comprehensive analysis of the interest rate exposure of the Spanish banking industry employing both parametric and non parametric estimation methods. Its main contribution is to use, for the first time in the context of banks' interest rate risk, a nonparametric regression technique that avoids the assumption of a specific functional form. Linear and Nonlinear ABSTRACTInterest rate risk is one of the major financial risks faced by banks due to the very nature of the banking business. The most common approach in the literature has been to estimate the impact of interest rate risk on banks using a simple linear regression model. However, the relationship between interest rate changes and bank stock returns does not need to be exclusively linear. This article provides a comprehensive analysis of the interest rate exposure of the Spanish banking industry employing both parametric and non parametric estimation methods. Its main contribution is to use, for the first time in the context of banks' interest rate risk, a nonparametric regression technique that avoids the assumption of a specific functional form. One the one hand, it is found that the Spanish banking sector exhibits a remarkable degree of interest rate exposure, although the impact of interest rate changes on bank stock returns has significantly declined following the introduction of the euro. Further, a pattern of positive exposure emerges during the post-euro period. On the other hand, the results corresponding to the nonparametric model support the expansion of the conventional linear model in an attempt to gain a greater insight into the actual degree of exposure. J.E.L. Classification: G12, G21, C52Keywords: interest rate risk, banking firms, stocks, nonparametric regression techniques. Corresponding author. Departamento de Economía Financiera y Actuarial, Universidad de Valencia, Facultad de Economía, Avda. Tarongers, s/n, 46022 Valencia, Spain. Laura.Ballester@uv.es. Laura Ballester would like to express her gratitude for the funding received from the JCCM, proyecto PEII11-0031-6939. The authors would like to thank Alfonso Novales, Juan Nave, Ángeles Fernández, Paz Jordá, Miguel Ángel Martínez, Joaquín Maudos, and Eliseo Navarro for their valuable comments and suggestions. The authors are also grateful to the two anonymous referees for their comments that have contributed to improve this paper. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 6...

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